Transocean (NYSE:RIG) Given New $7.00 Price Target at Evercore ISI

Transocean (NYSE:RIG) had its price target trimmed by Evercore ISI from $9.00 to $7.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the offshore drilling services provider’s stock.

Several other equities analysts also recently weighed in on RIG. Citigroup dropped their price target on Transocean from $9.00 to $7.00 and set a buy rating for the company in a research report on Wednesday, February 21st. Susquehanna upgraded Transocean from a neutral rating to a positive rating and lifted their price objective for the stock from $5.50 to $9.00 in a research report on Monday, April 8th. StockNews.com upgraded shares of Transocean to a sell rating in a report on Tuesday, February 20th. Barclays lowered their price target on shares of Transocean from $7.00 to $6.00 and set an equal weight rating for the company in a report on Thursday, February 22nd. Finally, Morgan Stanley decreased their target price on shares of Transocean from $8.00 to $7.00 and set an equal weight rating on the stock in a research report on Monday, February 26th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Transocean presently has an average rating of Hold and a consensus target price of $7.70.

Transocean Price Performance

Transocean stock opened at $5.27 on Wednesday. The company has a current ratio of 1.35, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. The firm’s 50-day simple moving average is $5.74 and its 200 day simple moving average is $5.96. Transocean has a 52 week low of $4.45 and a 52 week high of $8.88.

Transocean (NYSE:RIG) last announced its quarterly earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.10. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.67%. The company had revenue of $767.00 million for the quarter, compared to the consensus estimate of $781.86 million. During the same quarter in the prior year, the firm earned ($0.38) earnings per share. The company’s revenue for the quarter was up 18.2% compared to the same quarter last year. On average, equities analysts predict that Transocean will post 0.05 EPS for the current year.

Institutional Investors Weigh In On Transocean

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital World Investors increased its position in Transocean by 34.7% during the 4th quarter. Capital World Investors now owns 39,014,318 shares of the offshore drilling services provider’s stock worth $247,741,000 after purchasing an additional 10,049,077 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Transocean by 23.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 35,690,620 shares of the offshore drilling services provider’s stock valued at $226,641,000 after acquiring an additional 6,719,483 shares during the period. Primecap Management Co. CA lifted its holdings in shares of Transocean by 11.4% during the 4th quarter. Primecap Management Co. CA now owns 50,699,389 shares of the offshore drilling services provider’s stock valued at $321,941,000 after acquiring an additional 5,168,000 shares in the last quarter. Vanguard Group Inc. boosted its position in Transocean by 6.4% during the 4th quarter. Vanguard Group Inc. now owns 68,552,192 shares of the offshore drilling services provider’s stock worth $435,306,000 after purchasing an additional 4,107,956 shares during the period. Finally, Keybank National Association OH acquired a new stake in Transocean in the 3rd quarter valued at $29,946,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.